Canada

Costco cashes in sale of former Kelowna property

An old Costco property and warehouse in Kelowna has been sold.

The property on Highways 97 and 33 sold for $31.2 million on April 13 of this year, $7,000 less than its 2021 appraisal, according to BC Appraisal. The 11-acre land was valued at $27,114,000 and the warehouse at $4,093,000.

Costco opened a new store at 2125 Barron Road in February. The move met with great opposition from local residents, mainly over traffic issues. The area around the warehouse consists of townhouses, condominiums, and nursing homes.

In approving the move, the city council ultimately determined that Costco had made sufficient efforts to resolve potential problems and provided approximately $2.5 million to partially fund the upgrade of nearby roads. I made a plan to invest dollars. These upgrades include a new right turn lane off Highway 97 currently underway to Wreckie Road.


@Gary Barnes109
gary.barnes@kelownacapnews.com
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Costco cashes in sale of former Kelowna property

Source link Costco cashes in sale of former Kelowna property

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